(Bloomberg) -- Sports Illustrated’s secondary ticket marketplace is looking to drum up cash from direct lenders to fund a potential acquisition of Anytickets.com, another ticket seller, according to people familiar with the matter.
Sports Illustrated Tickets has approached lenders to provide between $30 million and $50 million of capital to fund the deal, said the people, who asked not to be identified discussing a private deal.
“While we don’t comment on speculation, we are continuously evaluating opportunities to further grow and enhance our business,” Sports Illustrated Tickets Chief Executive Officer David Lane said in an emailed statement. A representative for Anytickets did not respond to a request for comment.
The legacy magazine, owned by Authentic Brands Group, launched the ticketing platform launched in the summer of 2021, allowing people to buy and sell sports, concert and theater tickets with no fees and guaranteed refunds, separating itself from platforms that have garnered fan backlash for tacking on hidden fees.
Drew Brees, a former NFL player and an investor in Sports Illustrated Tickets, spoke about the demand for new providers in the market in an interview with Bloomberg Television last month.
“I think it’s ripe just because there’s never been a greater thirst for for live events,” Brees said in the interview. “We’re going to right next to those other big players and fans are going to have options.”
Ticketing marketplaces have come under legal and regulatory fire over the last year, especially after Taylor Swift’s blockbuster Eras tour left many fans unable to procure tickets or coughing up hefty fees to do so.
The Justice Department sued Ticketmaster and its parent Live Nation Entertainment Inc. earlier this year, alleging antitrust violations related to Ticketmaster’s control over concert ticket sales and accusing it of operating a monopoly and driving up prices. The UK is also investigating Ticketmaster over the recent sale of Oasis concert tickets.
Anytickets touts “no hidden fees” and is also focused on secondary ticket sales, according to its website.
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